TBWIX vs. FSGEX

Last updated Apr 1, 2026

Compare and contrast key facts about Thornburg Better World International Fund (TBWIX) and Fidelity Series Global ex U.S. Index Fund (FSGEX).

TBWIX is managed by Thornburg. It was launched on Sep 30, 2015. FSGEX is managed by Fidelity. It was launched on Sep 29, 2009.

Performance

TBWIX vs. FSGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Better World International Fund (TBWIX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). The values are adjusted to include any dividend payments, if applicable.

TBWIX vs. FSGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBWIX Thornburg Better World International Fund	-5.82%	24.25%	7.10%	12.72%	-18.02%	20.88%	26.67%	24.57%	-13.61%	22.88%
FSGEX Fidelity Series Global ex U.S. Index Fund	-1.20%	32.99%	5.34%	15.56%	-15.75%	7.77%	10.75%	21.41%	-13.99%	27.47%

Returns By Period

In the year-to-date period, TBWIX achieves a -5.82% return, which is significantly lower than FSGEX's -1.20% return. Over the past 10 years, TBWIX has outperformed FSGEX with an annualized return of 9.71%, while FSGEX has yielded a comparatively lower 8.55% annualized return.

TBWIX

• 1D: -0.38%
• 1M: -12.01%
• YTD: -5.82%
• 6M: -1.71%
• 1Y: 12.25%
• 3Y*: 9.44%
• 5Y*: 5.10%
• 10Y*: 9.71%

FSGEX

• 1D: -0.06%
• 1M: -11.07%
• YTD: -1.20%
• 6M: 3.57%
• 1Y: 23.80%
• 3Y*: 14.32%
• 5Y*: 6.98%
• 10Y*: 8.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TBWIX vs. FSGEX - Expense Ratio Comparison

TBWIX has a 1.21% expense ratio, which is higher than FSGEX's 0.01% expense ratio.

TBWIX

Thornburg Better World International Fund

FSGEX

Fidelity Series Global ex U.S. Index Fund

Return for Risk

TBWIX vs. FSGEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBWIX

TBWIX Risk / Return Rank: 31
TBWIX Sharpe Ratio Rank: 31
TBWIX Sortino Ratio Rank: 31
TBWIX Omega Ratio Rank: 30
TBWIX Calmar Ratio Rank: 31
TBWIX Martin Ratio Rank: 32

FSGEX

FSGEX Risk / Return Rank: 78
FSGEX Sharpe Ratio Rank: 79
FSGEX Sortino Ratio Rank: 78
FSGEX Omega Ratio Rank: 76
FSGEX Calmar Ratio Rank: 80
FSGEX Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TBWIX vs. FSGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Better World International Fund (TBWIX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TBWIX	FSGEX	Difference
Sharpe ratio Return per unit of total volatility	0.72	1.43	-0.71
Sortino ratio Return per unit of downside risk	1.08	1.93	-0.85
Omega ratio Gain probability vs. loss probability	1.15	1.29	-0.14
Calmar ratio Return relative to maximum drawdown	0.86	1.89	-1.04
Martin ratio Return relative to average drawdown	3.48	7.46	-3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBWIX vs. FSGEX - Sharpe Ratio Comparison

The current TBWIX Sharpe Ratio is 0.72, which is lower than the FSGEX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of TBWIX and FSGEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TBWIX	FSGEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.43	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.46	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.53	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.36	+0.22

Correlation

The correlation between TBWIX and FSGEX is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TBWIX vs. FSGEX - Dividend Comparison

TBWIX's dividend yield for the trailing twelve months is around 1.62%, less than FSGEX's 3.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBWIX Thornburg Better World International Fund	1.62%	1.53%	1.40%	1.55%	0.87%	15.10%	0.40%	1.17%	10.14%	3.53%	5.99%	0.00%
FSGEX Fidelity Series Global ex U.S. Index Fund	3.06%	3.02%	2.98%	2.90%	2.78%	2.59%	1.68%	2.10%	2.86%	2.48%	2.56%	2.61%

Drawdowns

TBWIX vs. FSGEX - Drawdown Comparison

The maximum TBWIX drawdown since its inception was -40.11%, which is greater than FSGEX's maximum drawdown of -34.74%. Use the drawdown chart below to compare losses from any high point for TBWIX and FSGEX.

Drawdown Indicators

	TBWIX	FSGEX	Difference
Max Drawdown Largest peak-to-trough decline	-40.11%	-34.74%	-5.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-11.24%	-0.77%
Max Drawdown (5Y) Largest decline over 5 years	-40.11%	-29.66%	-10.45%
Max Drawdown (10Y) Largest decline over 10 years	-40.11%	-34.74%	-5.37%
Current Drawdown Current decline from peak	-12.01%	-11.24%	-0.77%
Average Drawdown Average peak-to-trough decline	-10.32%	-8.51%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.86%	+0.10%

Volatility

TBWIX vs. FSGEX - Volatility Comparison

The current volatility for Thornburg Better World International Fund (TBWIX) is 5.33%, while Fidelity Series Global ex U.S. Index Fund (FSGEX) has a volatility of 7.21%. This indicates that TBWIX experiences smaller price fluctuations and is considered to be less risky than FSGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBWIX	FSGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	7.21%	-1.88%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	10.85%	-1.35%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	16.09%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.55%	15.14%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	16.12%	+0.65%